Edition #12: Coinbase One Pager, Billy No, Getting out of bonds, Crypto Learn and Earn

📝 Coinbase analysis highlights

Here’s the tl;dr from my thoughts on Coinbase:

• Buying Coinbase represents buying a stake in the ever-growing cryptoeconomy
• Investing in Coinbase can be similar to buying a crypto index fund, e.g. getting exposure to a basket of cryptocurrencies beyond Bitcoin and Ethereum
• Competition will drive down transaction fee revenue; companies like Coinbase will have to differentiate. Luckily, Coinbase operates in a huge addressable market and can offer new crypto versions of any financial service
• The valuation of Coinbase might be a bit rich out the gate. If Coinbase starts out as high as $100B in market cap, I don’t have high conviction that the stock could 10x.

I’ll ultimately buy Coinbase when it IPOs, but will limit my purchase if the price feels too rich for my taste.

If you’re looking for great financial analysis you’re not going to find it here. What I hope you’ll be left with is a unique perspective on an incredibly interesting company that’s going to IPO — Coinbase.